"an employer-sponsored plan that gives employees a choice of investment options. Employee contributions to a 401(k) plan and any earnings from the investments are tax-deferred." Taxes are payed after retirement.
Inheritance Tax
"a tax imposed on someone who inherits property or money"
Defined Benefit Plan
Based on years worked at a place and average salary; Set amount income after retirement given by previous employers
403(b)
"A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers." ... "accept payroll-deducted contributions"
Annuity
A fixed payment given to someone, payed annually
Codicil
"an addition or supplement that explains, modifies, or revokes a will or a part of one"(eg, changing will from one person to another because that person died, etc)
Testator
"a person who has made a will or given a legacy"
Estate
"all the money and property owned by a particular person, especially at death."
Social Security
"a federal insurance program that provides benefits to retired people and those who are unemployed or disabled"... "provides monetary assistance to those with an inadequate or no income."
Inflation
The lowering of the worth of a currency due to raised prices/money in the system... eg, USD worth today vs 1-cent candy days
